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Share Name Share Symbol Market Type Share ISIN Share Description
China Nonferrous Gold Limited LSE:CNG London Ordinary Share KYG215771042 ORD USD0.0001 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 9.975 4,491 15:29:59
Bid Price Offer Price High Price Low Price Open Price
9.05 10.90
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 37.07 -16.19 -4.34 38
Last Trade Time Trade Type Trade Size Trade Price Currency
07:24:35 O 4,491 9.155 GBX

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Date Time Title Posts
16/10/202000:30CNG - Productive Tajikistan Gold miner727
06/10/202017:13China Nonferrous Gold (former Kryso Resources) - Tajikistan gold producer1,494

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DateSubject
25/10/2020
08:20
China Nonferrous Gold Daily Update: China Nonferrous Gold Limited is listed in the Mining sector of the London Stock Exchange with ticker CNG. The last closing price for China Nonferrous Gold was 9.98p.
China Nonferrous Gold Limited has a 4 week average price of 9p and a 12 week average price of 9p.
The 1 year high share price is 16.90p while the 1 year low share price is currently 7.13p.
There are currently 382,392,291 shares in issue and the average daily traded volume is 20,394 shares. The market capitalisation of China Nonferrous Gold Limited is £38,143,631.03.
30/9/2020
16:07
bo doodak: Still no progress on the main issue in terms of the share price - debt. Cannot see this share going anywhere until that particular boil is lanced.
30/9/2020
09:39
mattjos: They seem to be sticking with their way of reporting which, seems a bit odd as compared to peers but, there is consistency YonY in the way they are doing it so, we can do basic time period comparators. The plant is averaging 1,904t ore / day in H1 2020 as opposed to 1,710t ore / day in H1 2019 so there is clear increase in ore processing ability. The primary Recovery Rate has similarly increased from 87.85% to 92.07% The smelter has increased from processing 45t/day in H1 2019 to now processing 49t/day in H1 2020 but, the smelter recovery rate appears to have dropped off slightly. Overall H1 2019 there were 0.05025 gold ingot / t of ore processed Overall H1 2020 there were 0.05052 gold ingot / t of ore processed Drilling down further: 2019 Jan-Jun Revs: $20,881,000 Ozs Sold: 15,557 Ave. Price / oz: $1,342 Ave. oz / day: 86 Ave $ / Day: $115,365 2019 Jul + Aug Revs: $6,989,000 Ozs Sold: 5,350 Ave Price / oz: $1,306 Ave. oz / day: 86 Ave $ / Day: $112,726 2020 Jan-Jun Revs: $24,330,000 Ozs Sold: 14,839 Ave Price / oz: $1,640 Ave oz / day: 82 Ave $ / Day: $134,420 2020 Jul + Aug Revs: $12,180,000 Ozs Sold: 6,475 Ave Price / oz: $1,881 Ave oz / day: 104 Ave $ / Day: $196,452 from June onward, the plant seems to perform much better, which I assume is weather/temperature related + the ongoing optimisation of the plant is still evolving & having an impact on YonY comparators + we still don't seem to be getting any commentary as to what specific progress they are making towards Phase II. CNG are unusual in that they do everything themselves in their mine … extraction, processing, refining/smelting. It's a BIG operation & I cant work out how long the process takes from start to finish for a notional oz of gold. Dread to think what the value of Gold is 'in-circuit' at any one time & how they can even calculate it. Main thing is production is stable and trending upwards with a rising Gold price. They are unaffected by Covid
09/8/2020
10:33
ned: I'm no guru, but if the $3300 gold target Eric Sprott enthuses about is hit by end of 2020 then the CNG share price now will just look like call options in the rear view mirror imvho. https://www.sprottmoney.com/Blog/after-an-incredible-week-huge-things-happening-in-silver-weekly-wrap-up-august-7-2020.html
06/8/2020
22:57
mattjos: Fully Diluted Shares in Issue: 390,067,291 Closing mid price today: £0.1485 Market Cap: £57.925m GBPUSD = 1.3144 Therefore, Mkt Cap in US$ = $76.137m From the 2013 BFS, Net Present Value was determined as $263.863m using the following key metrics: $576 Cost/oz (inc. Depn. & Amortisation) 10% Discount Rate Gold prices of: Year 1: $1,500/oz. Year 2: $1,400/oz. Year 3: $1,300/oz. Years 4 thru Year 19: $1,250/oz Clearly those old Gold price assumptions are proving to be far below the current reality, as is the 10% Discount Rate (aka cost of debt). Current Mkt Cap is circa 30% of the 2013 Discounted NPV .. so, there is first value opportunity. That value opportunity is now amplified by the additional 30% differential between gold price assumptions and current gold prices + the differential between the 10% Discount Rate & the reality of CNG's debt costs. I believe the equity is currently mispriced by the market & trades at 40-50% discount to true value. The longer gold prices remain elevated over $1,300/oz, the bigger the equity price anomaly becomes.
05/8/2020
14:10
mattjos: Bo … only very few were there in 2015 .. most only got interested in AAZ after it had already trebled/quadrupled from its lows ie. they are trend followers / traders rather than contrarians / investors. That's quite ok, as the market is populated by all sorts and needs all sorts to flourish. It's also a matter of time & this just needs a tiny little bit more time before it gets into its full stride. Most AIM punters measure the length of their investments in days/weeks and certainly not months or years. They crave daily share price movements to stay interested & without it they get bored in no time at all and off to chase some other piece of skirt. That's what pays Market Maker wages. Despite the absence of daily price movements, CNG has quietly moved ahead comfortably over 300% in just 14 months. I'm delighted with performance to date and look forward to the next 300%
05/7/2020
10:38
danmart2: Few things There is no doubt the mine has high potential The company has a good vision for the mine The company has significant debt that could be managed more successfully given the current availability of cheap credit The share price is low in comparison to the potential BUT is reflective of the company’s performance in managing the debt and lack of reporting thus far. Ultimately it comes down to how much you trust the management. Personally, despite being an investor I do have the opinion they could be more transparent, more pro active and certainly more successful in debt consolidation. Where I see the share price? Short term - hover between 13 - 16p until fiat currencies start to tank Medium term - 30p or higher depending on debt reduction control and Fiat currency decline Long term - too difficult to predict
30/6/2020
17:48
mattjos: Look at it another way. There is circa 55p (69c) per share of debt, including unused drawdown from last RNS ($270m Dedt divided by fully diluted share figure of 390m). That should be enough headroom to complete Phase II of the plant, effectively doubling production. As the last RNS showed, they are able to access debt much, much cheaper now, as compared to when the mine was under construction & LIBOR is way lower now so, i believe debt refinancing will be at a lower rate such that the overall interest quantum will be lower. For me that 55p figure represents the minimum rise in value per share that will occur as the debt gets paid off & that is going to happen more quickly than planned due to big positive differential between gold prices now and gold prices assumed in the BFS. AFAIC, there is absolutely nothing whatsoever in the price for the neighbouring mineralisation areas, just down the road - which may prove contiguous at depth with the existing Pakrut mine, given their proximity. Once debt is paid off, this could afford to pay shareholders 4-5p per share in dividends per annum .... I’m quite sure CNMIM would want to see a handsome return on their backing of the company in the years ahead. I doubt any will suggest there is much of a speculative element to the share price right now ... insufficient interest just now but, at some point the figures will become uningnorable as the price of gold works its way through to the bottom line and the leverage on the Balance Sheet becomes clearer to the market.
07/6/2020
11:49
wanobi: many thanx Mj for continuing to share your research with all, much appreciated by the less competent (me, LOL) amongst us, of that I'm 100% sure :-),,, the more I look at CNG, read your research and then compare to others out there the more I come to the conclusion that the share price here is too low,,, so I ask myself why and the biggest single reason I can come up with, is trust... there is so much anti-china rhetoric going on in the world right now, especially from the USA and I believe looking back there have been some awful fraud cases in respect to Chinese companies, listed in the west,,, a simple google search and things like this pop up immediately,,, https://kr-asia.com/will-the-latest-wave-of-fraud-involving-chinese-listed-firms-influence-global-capital-markets ... so, to me, provided CNG are trustworthy then we may have all made fantastic investments here,,,, but,,, I think it'll take time for that trust to be recognised by western investors,,,, reliable numbers, better communications and so on,,, fingers crossed that will all come and not a 7am Muddy Waters note telling the world he's short CNG!!! as 2 of my investment hero's say; However, the negative sentiment is not shared by all. Before the latest wave of fraud scandals, Charlie Munger, vice chairman at Berkshire Hathaway and longtime business partner of Warren Buffett, recently said at the Daily Journal Corp’s annual meeting that, “the strongest companies in the world are not in America,” adding that “Chinese companies are stronger than ours and are growing faster,” CNBC reported. Cheers Wan :-)
27/4/2020
16:10
mattjos: 2012 - 2018, CNG shares traded between 20p and 40p .. mainly at/around 30p. For most of 2016, CNG shares traded around the 30p level just as they started ramping production towards that 2,000t/day Phase I target for the first time. Then the avalanche struck in Feb 17 and shares started their 30 month decline all the way back down to 3p. Pakrut was rebuilt & re-started and achieved the 2,000t/day Processing target in Nov 2018. The company then spent 2/3 of 2019 optimising that processing plant & is now consistently processing 2,000t/day and annualised circa 50koz Gold per year. From 2017 - mid 2019, Gold averaged circa $1,300/oz but, just before they completed the optimisation of the processing plant, Gold really started to move up and has averaged well over $1,550 in that timescale & is now over $1,700. Consistently for 7 years between 2012 & 2018, the market valued CNG stock at circa 30p / share. Before it was productive. Now that Pakrut is demonstrably productive & gold is far above the prices ever even dreamed about in the BFS, the market presently values CNG shares at 14p or, just half the price pre-mine construction. I believe the shares are worth at least three times current price
15/4/2020
10:36
mattjos: There are some similarities with AAZ in that they are both mining entities but, I don't think they stand much comparison beyond that. CNG is more of a corporate Joint Venture in many ways … a small listed entity with a large corporate (CNIM) standing behind it & also owning a big chunk of it. CNIM has 'extended its umbrella' over CNG and afforded CNG access to CNIM's purchasing economies during construction & access to the debt markets in size & at rates that CNG would never have been able to access as a stand-alone junior entity. Now some will argue that CNIM's executives also being Directors of CNG gives rise to a conflict of interest & therefore the 'deals' are always categorised as 'related party transactions' and these are therefore to be instantly seen as a bad thing but, this is the nature of the JV arrangement and is an inescapable feature of such an arrangement. It does not & should not immediately warrant negativity. Of course CNIM will want Executive level presence on the Board of CNG .. look at what they have invested and afforded to CNG. It's only sensible that they are there to shepherd their investment in this smaller entity - any one of us would do the same. The alternative would be CNG raising the finance via equity & that would have resulted in CNG having more like 1.5Bn+ shares in issue by now. I believe CNIM value the equity in CNG far more highly than to try and tap the equity markets at these sort of prices. They have their eyes set on the bigger, longer term potential of owning a majority stake in a listed gold miner with 100koz rate of production from Pakrut (still open at depth), Eastern Pakrut, Sulfidnoye and Surmyanoye + other targets on the Tien-Shan Fold Belt. The NPV figure is determined in BFS stage by taking into account all the CAPEX the project requires (presumed to be via debt & therefore maintaining the equity issuance constant), the cost of the debt, the projected cashflows resulting from the project over its lifetime & applying a discount to that calculation to bring back all those variables to determine the value of the project at the time the BFS is produced. Arguably the model would be more complex as it would apply a much larger discount to pre-construction stage, the construction stage, the initial startup phase, the full; production phase etc but, these varying levels of discount are amalgamated into an overall Discount Figure (in this case 10%). It is quite clear that the early stage & therefore the stage that attracts the highest level of Discount (50%??) is in the rear-view mirror now as the mine is productive. The asset is producing cashflow & therefore, once those earlier phases of high discount are ticked off, the remaining years of the project are discounted at a much lower %. If 10% was the overall rate assumed at the outset, what is a reasonable discount % to apply to the remaining 18 years of productive operation? It should be less than 10%. I believe CNIM value their equity in CNG far more highly than the market currently values the rest of the free-float
China Nonferrous Gold share price data is direct from the London Stock Exchange
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